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12.05.2021 09:52 AM
Gold is now ready to challenge the minor resistance-line from the wave 3 peak at 2,075. A break above this line will confirm the completion of wave 4 and the onset of wave 5 to above the peak of wave 3. The ideal target for wave 5 is seen near 2,705.
We would not be surprised to see the resistance-line near 1,863 be able to cap the upside for the short term. A break above this resistance line is expected for the next impulsive rally higher to 2,075 and 2,705.
Trading recommendation:
Buy glod upon a break above the resistance-line for a rally to 2,075 and above towards 2,705
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
